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Money Management Unit Review Flashcards | StudBud
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Money Management Unit Review
Money Management Unit Review
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Test review
Flashcards
30 cards
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Questions
30
Answers
1
When is your spending plan complete?
At the end of the year
Never, they are always under revision
When you have all income captured
When you have all expenses recorded
2
What is a debit card?
Same as credit card
Not in use
Card connected to bank account for purchases
3
Which of the following could be considered a contractual expense?
Clothing
Entertainment
Cell Phone
Food
4
Depository Institutes offer insurance protection up to
$50,000
$500,000
$100,000
$250,000
5
What is included in a deposit slip?
Date
All of the above
Total amount of cash or checks being deposited
Signature line
6
Hidden tax for gasoline, hotel rooms and airline tickets
Property tax
Sales tax
Federal tax
Excise tax
7
What is TRUE about depository institutions?
Information about depositors is kept safe at all times
Insurance protection up to $250,000
Money stored is kept safe by numerous security measures
All of the above
8
Traveler’s checks, certified checks, cashier’s checks & money orders are:
Mobile Payments
Debit Card Payments
Contactless Payments
Special Needs Payments
9
To increase his net worth, Jackson could:
Decrease his assets
Increase his liabilities
Increase his market value
Increase his assets
10
Which statement is TRUE about payroll taxes?
Payroll taxes are paid on both earned and unearned income
Payroll taxes fund different government operations
Payroll taxes fund Social Security and Medicare programs
11
What is net loss on the Income and Expense Statement?
Earning is same as spending
Negative balance: Spending is higher than earning
Positive balance: Earning is higher than spending
12
Fee charged by bank if check amount is greater than available balance in checking account
ATM Fee
Overdraft Fee
Contact Fee
13
If income exceed expenses on a spending plan, what would be a financially smart solution?
Go out to eat more often
Buy a gift for yourself
Make extra payment on your car loan
Go on a shopping spree
14
Who is Medicare designed to help?
Senior Citizens
Low income families
Children of unemployed parents
Single parents
15
Which item is a liability on the Statement of Financial Position?
Balance on credit card
Market value of a car
Checking account
Retirement account
16
What is FALSE about spending plans?
Record of planned income
Also known as a budget
Record of planned expenses
Not necessary to save toward saving goals
17
Which banking service has the ability to access account from smartphone or tablet?
ATM Banking
None of the above
Mobile Banking
18
Which statement is FALSE about property taxes?
Tax is used to pay for local schools
Taxes are assessed at same rate for all types of property
Commonly paid on automobiles and homes
19
If expenses were to exceed income on a spending plan, what can you do?
Decrease expenses
Earn less income
Use credit cards
Increase purchases
20
Which of the following is NOT an asset on a Statement of Financial Position?
Money in checking account
Money in next week paycheck
Hockey equipment
Market value of a car
21
Mariah paid 6% more than the item price tag at a retail store. She was charged ____ tax?
Sales tax
Property tax
Excise tax
Income tax
22
What is NOT a feature for checks?
A checkbook is used to record all transactions
Checks can "bounce" if there is insufficient funds
Legal documents that function like cash
Can be used to borrow money
23
What is net gain on the Income and Expense Statement?
Earning is same as spending
Positive balance: Earning is higher than spending
Negative balance: Spending is higher than earning
24
What is NOT an expense on the Income and Expense Statement?
A car loan
Car insurance
Taxes deducted from paycheck
Stock dividends
25
What is NOT an income on the Income and Expense Statement?
Taxes on income
Money from grandparents
Social Security income
Interest earned on savings account
26
Maggie has higher income but lower net worth than Samantha. Who is wealthier?
Maggie and Samantha are both wealthy
Samantha because she has higher net worth
Maggie because she has higher income
27
Select the best depository institution option to save money for college
Depository institution with safe deposit boxes
Depository institution with free no interest checking
Depository institution with highest interest rates
28
What is the difference between commercial banks and credit unions?
Commercial banks pay higher interest rates
Commercial banks offer more services
Credit unions are 'not-for-profit'
Credit unions are located in rural area
29
Formula for net worth
Assets/Liabilities
AssetsXLiabilities
Assets+Liabilities
Assets-Liabilities
30
Where can you reduce expenses on a spending plan?
Mortgage payment
Gasoline, food and entertainment
Internet bill
Cell phone bill
